Ashton Ryan Jr., former CEO of the failed First NBC Bank, was sentenced to serve 14 years in prison after being convicted of dozens of counts of bank fraud, conspiracy and related charges.
Ryan, who was found guilty of 46 charges in February, will also pay more than $214 million in restitution, according to NOLA.com. While expected to surrender to authorities on Nov. 6, Ryan’s lawyer said he plans to appeal.
The New Orleans bank was seized by regulators in 2017.
Ryan was accused of approving loans for borrowers that he knew couldn’t repay the debt. He was also accused of hiding the loans’ financial status and obscuring First NBC’s condition from directors and bank examiners.
William Burnell, the bank’s former chief credit officer, and Robert Calloway, an executive vice president, were also convicted and are set to be sentenced on Sept. 28. Fred Beebe, a former loan officer, was acquitted.